Wells Fargo is partnering with Bilt Rewards on a credit card that allows renters to pay their landlords each month while earning points and miles, and Twitter is not here for it.
Some fear the new deal is a potential scam, while others simply question all that could go wrong. Here’s how it would work:
CBS News reports the Mastercard can be used to make payments on any rental property in the U.S. without incurring transaction fees, the San Francisco-based lender said on Monday. Buildings that do not accept credit cards or digital payments will be sent a check after the cardholder uses their Bilt app to pay their rent.
Users of the Wells Fargo card will get one point per dollar spent on rent and other purchases. Points can be redeemed through partnering airlines, hotel chains, or applied towards a down payment when purchasing a home, only through Fannie Mae or Federal Housing Administration mortgage.
Though this update seems convenient, Twitter users are not buying it.
One user insinuated that big banks are already defrauding users, and now this is another method.
Another one called it “rent scam.”
Dan Dougherty, Well’s executive vice president, released a statement with the news, “Wells Fargo can now help renters with the card take their biggest expense and turn it into a rewarding experience, including helping them build a path to homeownership.”
Though the rewards are a benefit, Lending Tree’s credit card advisor, Matt Schulz advises people to “not be chasing credit card rewards, as the math generally does not work out in their favor.”
